A recent survey by the University of Missouri Extension shows an upswing in land values that is expected to continue.
According to the survey of 88 lenders, farmers, rural appraisers and others familiar with Missouri land values, good non-irrigated cropland averaged $6,326 per acre, an increase of 14% over last year.
Good pastureland averaged $3,781 this year, 12% above last year’s values.
Timberland and hunting / recreation land values rose by 20% or more as well.
Real estate is all about location, and that holds true with this survey as land values within a short distance of urban areas increased at a much faster rate than the remainder of the land in the state.
A local real estate agent KXEO news spoke to indicated that prices for land locally are considerably higher than what the MU Extension survey found with some acreage fetching $11,000 per acre.
They attribute the prices to the fact that landowners selling are auctioning off the property rather than listing it with a real estate agent.